Espreso. Global

Biden signs order targeting financial institutions that help Russia evade sanctions

22 December, 2023 Friday
19:37

On December 22, President Biden issued a new executive order to strengthen the US Treasury Department's ability to monitor financial institutions that help Russia buy military equipment in violation of sanctions

This is stated on the website of the US Treasury Department.

“This Executive Order further targets Russian sanctions evasion and solidifies the US commitment to the G7 Leaders’ Statement, making clear to foreign financial institutions that facilitating significant transactions relating to Russia’s military-industrial base may expose them to US sanctions,” the statement says.

The decree allows for the imposition of sanctions on foreign financial institutions that conduct significant transactions on behalf of persons operating in key sectors of the Russian economy or providing services related to the Russian military-industrial base.

It also authorizes the Treasury to ban imports of products that have been processed or substantially transformed in third countries, such as Russian seafood and diamond products. The expanded import bans will come into effect once the list of sanctioned products is finalized.

US Treasury Secretary Yellen explained that these measures are aimed at limiting Russia's efforts to wage war against Ukraine and preventing sanctions evasion.

“The United States and our global coalition have put in place historic sanctions and export controls that have severely restricted Russia’s ability to equip its military to wage its brutal and unjustified war against Ukraine. Over nearly two years, our sanctions have significantly weakened the Russian economy and undermined the Kremlin’s war effort,” she said.

The United States and its partners are now focusing on tightening controls over trade and financial institutions that circumvent sanctions.

“As a result of our restrictions, Russia has increasingly shifted certain trade and financial flows through third countries to evade sanctions and continue its procurement of critical items for their wartime production,” the US Treasury Secretary said. “And we will not hesitate to use the new tools provided by this authority to take decisive, and surgical, action against financial institutions that facilitate the supply of Russia’s war machine.”

  • Russia has allocated more than USD 12 billion in government subsidies and loans to keep its aviation sector alive after Western sanctions made it impossible to supply key spare parts and maintenance services.
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